COVID-19: Finance minister reveals gov’t may present new 2020 budget in July

COVID-19: Finance minister reveals gov’t may present new 2020 budget in July

- The finance minister, Ken Ofori-Atta, has hinted of a possible revision of the 2020 budget earlier presented in Parliament

- According to him, the economic implications of the coronavirus outbreak has made this decision a necessity

- He added the current situation has resulted in a case where the 2020 budget does not reflect the reality on the ground

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The minister of finance, Ken Ofori-Atta, has revealed that the government may present a new 2020 budget to Parliament in July 2020.

According to him, this has become necessary because of the economic effects of the outbreak of the coronavirus.

Ofori-Atta added that the effects of the coronavirus could push Ghana’s 2020 deficit to over 7% if care is not taken.

READ ALSO: COVID-19: Government predicts GDP could fall by 1.5% due to partial lockdown

A report reveals that the finance minister passed the comment on the sidelines of a presentation to Parliament about the economic implications of the spread of the coronavirus.

He indicated that the already approved 2020 budget is no longer a reflection of the reality on the ground.

“So, fortunately, I think we’re beginning to build a consensus as to how to manage these revenue targets and shortfalls.

We’re just going to have to relook at all the fundamental assumptions of the budget and I did signal to parliament that, come July, we should come with a lot more information and analysis towards a new budget,” Ofori-Atta said.

Meanwhile, the minister earlier revealed that Ghana is likely to lose GHC11 billion due to the outbreak of the coronavirus.

He added that there is a likelihood of a serious effect on the economy if urgent measures are not taken.

Ofori-Atta indicated that the spread of the virus has led to a fall in trade volumes and values.

He added that the reduction in imports would lead to a slowdown of production in the country.

READ ALSO: COVID-19: Ghanaian businesses to enjoy a GHC1 billion stimulus package

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